This paper explores empirically the role of risk and return in the observed evolution of net foreign asset positions of industrial and developing economies. The paper adopts a dynamic approach in which investors' portfolios adjust gradually to their long-run equilibrium, defined by a standard Tobin-Markowitz framework. The parameters characterizing the long-run equilibrium are estimated using data on foreign assets and liabilities of a large number...
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INFORMACIÓN
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2003/05/31
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Documento de trabajo sobre investigaciones relativas a políticas
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WPS3059
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1
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1
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2010/07/01
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Disclosed
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Do capital flows respond to risk and return?
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net foreign asset